RMB Deposits In Hongkong Account For 500 Billion Of The Total 8%&Nbsp Deposits And Hong Kong Dollar Status Is Stable.

It is widely believed that RMB deposits will reach 1 trillion yuan at the end of this year, and the rapid rise of Renminbi deposits will cause the Hong Kong dollar to be marginalized. Chen Delin believes that Renminbi deposits account for about 8% of Hongkong's total deposits, which is overstated. He emphasized Renminbi deposits and others. Finance A substantial increase in intermediary business will not shake the status of Hong Kong dollar.

Chen Delin said that RMB deposits in Hongkong jumped from 60 billion yuan in January last year to 310 billion yuan in December, and 510 billion yuan at the end of April this year, of which 2/3 are corporate deposits and 1/3 are personal deposits. Recently, some theorists pointed out that the rapid development of RMB business in Hongkong may bring a lot of risks, including the substitution of RMB. Hong Kong dollar The status of Hong Kong dollar will be marginalized. He believes that such views and concerns are exaggerated.

　　 Assets Configuration does not lose confidence in the Hong Kong dollar.

He explained that the prevailing use and circulation of Renminbi in the market is a result of the booming tourism industry in Hongkong. Traders in Hongkong did not lose confidence in the Hong Kong dollar, nor did they ask for payment without Renminbi when they traded with local people. In addition, although Renminbi deposits have risen rapidly, it accounts for about 8% of Hongkong's total deposits. However, he stressed that the growth of RMB deposits in Hongkong in 2010 (250 billion yuan) was mostly an increase in corporate deposits (180 billion yuan), and that the source of Renminbi deposits was mainly for mainland enterprises to import goods or services rather than Hongkong enterprises to convert Hong Kong dollar deposits into Renminbi. As for the renminbi deposits of individual customers, it is also a normal behavior of asset allocation (asset allocation), rather than the local people who generally lose confidence in the local currency and refuse to use or hold their own currencies.

Chen Delin pointed out that in the process of internationalization of the RMB, a large number of condenses in Hongkong just showed the attraction of Hongkong as an offshore RMB business center. Although there are still some limitations in the way of RMB capital investment, Hongkong has developed into an attractive RMB financing center. He continued that Hongkong had issued RMB 18 billion 500 million yuan in the first 4 months of this year, and this good momentum should still be sustainable.

Hongkong's RMB business has been developing rapidly since July last year, and RMB deposits have also registered a substantial increase. However, due to the fact that foreign currency can not be repatried to the mainland, plus the limited investment channels in Hongkong and the short supply of demand, the return rate of RMB investment products in Hongkong has been low. The market is worried that Hongkong's RMB funds lack investment, or affect the growth of Renminbi deposits.

Hang Seng: trillion dollar deposits are trillions.

Yan Jianwen, director of Hang Seng Bank's RMB business strategy and planning department, believes that although Hongkong's investment channels are few, it may not affect the growth of Renminbi deposits in Hongkong. He pointed out that in the case of promoting RMB settlement in cross-border export trade, Hongkong's renminbi deposit growth will not slow down. At present, the market forecasts for RMB deposits at the end of Hongkong range from 800 billion yuan to 1 trillion and 200 billion yuan. He expects that RMB deposits of 1 trillion yuan in Hongkong will not be difficult. He agreed with Chen Delin that the Hong Kong dollar had no "Marginalization" problem, because Hongkong is still unable to see the renminbi as the main trading medium.

As Singapore actively strives to become another offshore renminbi center, he admits that competition for Hongkong's RMB business must be competitive. But the development of RMB business in Singapore will promote the use of RMB in ASEAN and other places, promote the internationalization of RMB and benefit Hongkong's people's currency business.